Are the Egyptian, really better off now?????
Black Sunday: Egypt stocks slump 9.5 pct on Morsi decree
Political turmoil sparked by President Morsi's Constitutional Declaration hits Egyptian stocks during early trading on Sunday; further falls expected as opposition protests continue
Egypt’s stocks have plunged on the first trading day of the week following President Morsi's controversial Constitutional Declaration on Thursday. The main index EGX30 fell 9.5 per cent on Sunday morning to below 5000. The broader index EGX70 tumbled 8 per cent.
Trading was suspended for 30 minutes after stocks tumbled five per cent at the beginning of the trading session. 169 shares dropped value while 15 remained unchanged.
President Morsi issued a Constitutional Declaration on Thursday stating his decisions cannot be overturned by any judicial authority.
The decision angered many Egyptian judges, who said it impinged on their authority.
The declaration also replaced the prosecutor-general, who Morsi had attempted to remove several weeks ago but could not due to a legal barrier.
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Black Sunday: Egypt stocks slump 9.5 pct on Morsi decree - Economy - Business - Ahram Online
Black Sunday: Egypt stocks slump 9.5 pct on Morsi decree
Political turmoil sparked by President Morsi's Constitutional Declaration hits Egyptian stocks during early trading on Sunday; further falls expected as opposition protests continue
Egypt’s stocks have plunged on the first trading day of the week following President Morsi's controversial Constitutional Declaration on Thursday. The main index EGX30 fell 9.5 per cent on Sunday morning to below 5000. The broader index EGX70 tumbled 8 per cent.
Trading was suspended for 30 minutes after stocks tumbled five per cent at the beginning of the trading session. 169 shares dropped value while 15 remained unchanged.
President Morsi issued a Constitutional Declaration on Thursday stating his decisions cannot be overturned by any judicial authority.
The decision angered many Egyptian judges, who said it impinged on their authority.
The declaration also replaced the prosecutor-general, who Morsi had attempted to remove several weeks ago but could not due to a legal barrier.
More:
Black Sunday: Egypt stocks slump 9.5 pct on Morsi decree - Economy - Business - Ahram Online